The Future of US Crypto May Rest on These 4 Digital Asset Bills

Crypto bills could empower allegedly more crypto-friendly CFTC and better define SEC jurisdiction.

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Since 2022, at least 50 digital asset bills have reportedly been introduced in Congress, aiming to govern everything from stablecoins to the jurisdictions of US regulators.

However, at least four of them are considered to potentially have a major impact on the industry (if adopted) – given the attention of lawmakers and the crypto industry.

Financial Innovation and Technology for the 21st Century Act

This bill introduced on July 20 aims to create a robust process for determining whether a digital asset is a commodity or a security and would clarify the jurisdictions of regulators.

Introduced by Republican members of the U.S. House Agriculture and Financial Services Committees, the bill would give the Commodity Futures Trading Commission (CFTC) power over digital commodities and clarify the jurisdiction of the Securities and Exchange Commission (SEC).

Introducing the Financial Innovation and Technology Act for the 21st Century. This bill establishes a regulatory framework for digital assets, protects consumers, promotes innovation, and positions America as a leader in finance and technology. #crypto https://t.co/0ihzY3MP0k

— House Committee on Agriculture (@HouseAgGOP) July 20, 2023

A process for crypto assets that have been labeled as securities would also have the ability to be relabeled as commodities – which could see some